Tweet

Tenant Insurance Makes Everyone a Winner in Self-Storage Facilities

Guest post by: Scott Meyers

Article Overview: Most homeowners or apartment renters insure the possessions in their dwelling from theft or damage – but many don’t think that far when it comes to self-storage space. As a self-storage facility owner, you have a responsibility – and an opportunity – when it comes to making sure your customer’s possessions are protected.

Tenant Insurance Makes Everyone a Winner in Self-Storage Facilities

Most homeowners or apartment renters insure the possessions in their dwelling from theft or damage – but many don’t think that far when it comes to self-storage space.

As a self-storage facility owner, you have a responsibility – and an opportunity – when it comes to making sure your customer’s possessions are protected. There are two main ways to make sure their insurance needs are being met.

The first method is to make the new customer aware you’re not responsible for protecting what they store with you and offer them a brochure for a reputable company they can contact to insure their belongs. You’re out of the loop, you don’t collect the insurance premiums and the tenants contact the carrier personally to set up the coverage.

Obviously, you have to explain explicitly that the coverage is their responsibility – and you can’t control how they handle the situation. They can choose to forego coverage altogether. Do your best however, to make sure they understand the importance of getting the tenant insurance and what can happen if they don’t.

The other tenant insurance model is a “Pay-With-Rent” program. This is a lot like when you rent a car, and you check off the box that adds the cost of extra insurance to your car rental price. The cost of the premium is included in their monthly storage space rental charge.

This is clearly the most convenient way for the consumer to obtain necessary insurance and the best way for the self-storage facility to entice them into getting coverage. Some owners even require customers to get insurance as part of their rental agreement.

The “Pay-With-Rent” situation is a win-win for consumer and storage renter alike. Tenant participation is a lot higher when insurance is simply a part of their rental arrangement and they don’t have to make separate arrangements with a third party provider. Having more customers protected also boosts the overall protection of your business.

And finally, the “Pay-With-Rent” model allows you to charge an administration fee to your customers for handling all the additional insurance arrangements. This can be a terrific extra stream of revenue – especially since you should be able to cut a good deal with the insurance provider as their company is the main option for your customers.

Related Articles
  Leasing Office Space – Funding Tenant Improvements
  What Is Unoccupied House Insurance?
  Recent Decisions: Retail Leases
  TIPS FOR MAKING MONEY WITH REAL ESTATE YOU DON'T OWN
  Insurance Sales Training
  How Do You Buy a Long-Term Care Facility?
  Five Key Insurance Programs for Small Businesses
  Car Insurance - Gap Insurance
  How to Sell Insurance – Really
  Negotiating Leases
  Renter From Hell: What Every Landlord Should Know
  Leasing Retail Space - Preparing Your Space
  Insurance Programs and You
  Apartment Renters Insurance Basics
  The Right Age to Buy Primerica Life Insurance
  Sample Letter of Intent
  How are Car Insurance Premiums Increased?
  Business Insurance Coverage
  Renting A Room In Your House. Good Idea?
  How To Avoid Stress in Covenants & Conditions in Lease Agreements

Article Tags: commerical real estate, insurance, self storage, tenant insurance



Related Forum Posts
Re: Insurance for Home Based Business? - hi there I'm a newbie here.I can get good information regarding the Insurance for Home based business and more. It's really safe to have Insurance for a home based business. Thanks a lot for discussing some important issues here and i feel really happy to be a part of this.
zipcar saves Gas cost - The gas prices haven't affected me in anyway. I use the Transit system and ZipCar. I love Zipcar 'cos it has Gas and Insurance included in the prices and they haven't raised that for a couple of years now.
Re: Stopping Drive-by Spam - I've also noticed that in this and other forums. I wonder why they do it that way. Makes it easier to catch them. I suppose it's probably just laziness. I've even seen the same person spam the same thread multiple times one after another with the exact same post. I guess that just how stupid some of these spammers are!!!
How does one suggest improvements to inventions - and get paid for them? I'm sure people write in and complain and suggest new features for various things they buy... and if those changes are implemented that's all well and good, but the person who made the suggestion for the improvment isn't going to get paid for it. How does one suggest these improvements - and get paid for them? ----long story One of the best things the PC did (at least, Dell) was to color code all their little plugs, so you know that the green plug goes into the green hole, the pink into the pink, etc. Makes setting up those things a heckuva lot easier! I was thinking that the same thing should be done for today's TVs! I've had a new TV for a few weeks, set up next to my computer because I like to work and watch TV at the same time. But I've got it set up in such a way that I can't see all the little buttons on the top of the screen, which are the buttons for Stop, Play, Eject (for the internal DVD) , the Volume up and down, and the Channel up and down. Of course, that wasn't a problem when my remote control worked, but for some reason it stopped working a couple of weeks ago. (Yes, I replaced the battery - no good). Since I have the TV so close to my computer it's no problem, I can reach out and touch the buttons... But because they're all the same color, I had to actually get up and look at them to make sure I was pressing the right button. I've solved that problem by attaching a bit of yellow paper to the Play button, and a bit of orange paper to the Volume Up button. Makes things a lot easier...
coach needs a coach - Yes... I remember that my coach had a coach. Makes perfect sense. Plus you're getting more stimulation as to HOW to be a better coach.


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

WHAT IS MANAGEMENT CONSULTING

Tips to Take Control of Credit Card Debt

Counselling - Who Needs It?

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.